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Maybe Malaysia will be the next El Salvador, Bitcoin legal tender is happening in the country.

The Deputy Minister of Communications and Multimedia says that Malaysia should accept Bitcoin and other cryptocurrencies as a legal tender.

Following El Salvador’s decision to include Bitcoin in legal tenders, the Malaysian government is delighted to follow suit.

It is a clear sign that governments around the world are still very interested in cryptocurrency adoption.

Zahidi Zainul Abidin, Malaysia’s Deputy Minister of Communications and Multimedia, said that:

“He hopes the government will “allow” a proposal currently being made across the Malaysian government – to accept Bitcoin as a tender nationally accepted – becomes law.”

The deputy minister also said that the communications ministry is trying to see how the country can legalize cryptocurrencies “so that we can increase the adoption of cryptocurrency among young people”, but he noted that financial regulation “under the care of Bank Negara and the Securities and Exchange Commission.”

El Salvador became the first country to adopt Bitcoin last year, requiring all businesses in the country to accept it.

In many ways, however, the implementation was a complete disaster. According to a recent government survey, the majority of businesses never even bothered to start accepting cryptocurrencies.

Malaysia has not previously made clear its stance on considering cryptocurrencies as legal tender, but it has been studying the central bank digital currency (CBDC) project with the Bank for International Settlements, Singapore, Australia, and South Africa to check cross-border CBDC transactions.

Henry Chong, CEO of digital stock exchange Fusang Corp. based in Malaysia, told Forkast:

“The next natural question, like any currency or any legal tender, is what can I buy with it? What can I do with it? Can I use it? for what?”

PointsVilleApp Founder and VanEck Director Gabor Gurbacs also commented on the event:

“Malaysia’s population is 30 million and its GDP is 35th in global ranking, coming in right after Hong Kong. I wouldn’t be surprised if G20 countries also made similar moves.”

While it is still unclear if Malaysia will get any closer to Bitcoin adoption, the truth is their enthusiasm for the token – especially now that it will be public in the higher rankings of their government.